Content from Old pages in Internet Archives. Any Useful?

- I am remaking my upcoming business website but its very tyring to write all the content.

so, I went into Internet Archives and searched for my competitor site, who is in the business for last 8 years. I copied 7 years old the content of their website and searched in Google. I didnt find any match for content in google searches (old pages, deindexed by google).

- So, I have a question - can I use that old content on my website? Will I get google Penalty?

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